Stocks End Down on Uncertain Economic Picture

Weekly Wrap Up

Major indices were down this week even as low foreclosures rates gave investors some signs of hope, but other signs from the economy were negative. For instance, jobless claims rose, and signs from the Chinese economy seem to point towards a reduction in their level of growth, something that would impact the whole world economy. Facebook made the biggest splash in financial circles this week when they announced their $1 billion acquisition of popular mobile photo-sharing app Instapaper. More Market News

The Commerce Department reported Thursday the trade deficit narrowed in February to $46 billion from $52.5 billion in January.

Most of the decline was due to a sharper-than-expected 2.7% falloff in imports, much of that from China. U.S. exports in February was up a tiny 0.1%. Click here to read the full article

Jobless claims unexpectedly rise last weekNew claims for unemployment benefits rose last week to their highest level since January, a development that could raise fears the labor market recovery was stalling after job creation slowed in March.

Initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 380,000, the Labor Department said on Thursday. The prior week's figure was revised up to 367,000 from the previously reported 357,000. Click here to read the full article

Growth in the world's second-biggest economy declined to a still-robust 8.1 per cent in the three months ending in March, data showed Friday. That was down from the previous quarter's 8.9 per cent and the weakest rate since the second quarter of 2009. Click here to read the full article

Wells Fargo reported a 42% increase in income from its mortgage-banking business, to $2.87 billion from $2.02 billion in the year-ago quarter. At J.P. Morgan, mortgage profits swung to a $461 million gain in the quarter, from a $1.1 billion loss last year. The bank's mortgage revenue rose 80%, to $1.6 billion. Click here to read the full article

Google to split stock to keep power with founders Google improved its short-term finances even as it seeks to preserve its long-term interests.The online search leader reported a 61 percent increase in its net income for the first three months of the year and announced plans to issue a new class of stock to shareholders. The new shares won't have any voting power and will help Google's senior leaders keep control years from now. Click here to read the full article